Virginia Governor Ralph Northam announced that
total General Fund revenue collections grew 18.5 percent in March with most of
the increase due to an additional deposit day for payroll withholding and
strong growth in sales and recordation taxes.
With one more deposit
day than March of last year, collections of payroll withholding taxes rose 23.7
percent for the month. Collections of sales and use taxes, reflecting February
sales, rose 8.1 percent in March. As refinancing and low interest rates
continue to spur the housing market, collections of wills, suits, deeds, and
contracts—mainly recordation tax collections—were $63.8 million in March,
compared with $40.3 million in March of 2020, an increase of 58.3
percent.
On a year-to-date basis,
collections of payroll withholding taxes—61 percent of General Fund
revenues—increased 3.7 percent ahead of the same period last year, and ahead of
the estimate of 2.7 percent growth. Sales tax collections—17 percent of General
Fund revenues—increased 6.9 percent and are above the annual estimate of 4.8
percent growth. On a fiscal year-to-date basis, total General Fund revenue
collections rose 9.0 percent in March, ahead of the annual forecast of 3.0
percent growth.
The full report is available here.
